Problem: Given any two positive real numbers $x$ and $y$, then $x \, \Diamond \, y$ is a positive real number defined in terms of $x$ and $y$ by some fixed rule.  Suppose the operation $x \, \Diamond \, y$ satisfies the equations $(xy) \, \Diamond \, y=x(y \, \Diamond \, y)$ and $(x \, \Diamond \, 1) \, \Diamond \, x = x \, \Diamond \, 1$ for all $x,y>0$.  Given that $1 \, \Diamond \, 1=1$, find $19 \, \Diamond \, 98$.
Answer: Setting $y = 1$ in the first equation, we get
\[x \, \Diamond \, 1 = x (1 \, \Diamond \, 1) = x.\]Then from the second equation,
\[x \, \Diamond \, x = x \, \Diamond \, 1 = x.\]Then from the first equation,
\[(xy) \, \Diamond \, y=x(y \, \Diamond \, y) = xy.\]Therefore,
\[19 \, \Diamond \, 98 = \left( \frac{19}{98} \cdot 98 \right) \, \Diamond \, 98 = \frac{19}{98} \cdot 98 = \boxed{19}.\]